Yellen: These Are the 4 Top Priorities for the Nearly $80 Billion in IRS Funding

With President Joe Biden’s sweeping tax, health and climate package newly signed into law, Treasury Secretary Janet Yellen is asking the IRS to deliver a plan within six months for the agency’s nearly $80 billion in funding.

“The Inflation Reduction Act provides the IRS what it has needed for years — a stable stream of mandatory funding that will allow the agency to serve American taxpayers the way they deserve,” Yellen wrote in a memo Wednesday to IRS Commissioner Charles Rettig.

Yellen said the cash infusion will help the IRS enforce tax laws for “high net-worth individuals, large corporations and complex partnerships who today pay far less than they owe,” according to the memo obtained by CNBC.